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On January 1, 2022, Blossom Company had Accounts Receivable $140,700, Notes Receivable $33,600, and Allowance for Doubtful Accounts $22,900. The note receivable is from Willingham
On January 1, 2022, Blossom Company had Accounts Receivable $140,700, Notes Receivable $33,600, and Allowance for Doubtful Accounts $22,900. The note receivable is from Willingham Company. It is a 4-month, 8% note dated December 31,2021 . Blossom Company prepares financial statements annually at December 31 . During the year, the following selected transactions occurred. Jan. 5 Sold $28,400 of merchandise to Sheldon Company, terms n/15. 20 Accepted Sheldon Company's $28,400,3 month, 7% note for balance due. Feb. 18 Sold $30,400 of merchandise to Patwary Company and accepted Patwary's $30.400,6month,8% note for the amount due. Apr. 20 Collected Sheldon Company note in full. 30 Recelved payment in full from Willingham Company on the amount due. May 25 Accepted Potter incis $14,800,3-month, 6% note in seltlement of a past-due balance on account. Aug 18 Received payment in full from Patwary Company on note due. 25 The Potter inc, note was dishonored. Potter inc. is not bankrupti future payment is anticipated. Sept. 1 Sold $10.100 of merchandise to Stanbrough Company and accepted a $10,100,6-month.,9\% note for the amount due. Journalize the transactions (Omit cost of goods sold entries) (Credit account tities are automotical y indented when amount is entered Do not indent manuallk Record journal entries in the order presented in the
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